How much does it cost to remodel a basement? At Monumental, we know that remodeling is certainly not cheap, however, if such a renovation is performed with care and structure, it can lead to a significant increase in your home’s value — in addition to an aesthetically pleasing area you can show off to family and friends.
Build By Design reported in 2017 that renovating or making improvements of any kind to your basement can help boost your home’s resale value by anywhere between $20,000 and $60,000. Some states may not include your basement area when calculating your home’s total square footage, however, unless the space you use in that basement meets certain guidelines.
The Average Cost of Remodeling A Basement
Most home improvement companies and realtors agree that the average cost of remodeling a basement falls between $15,000 and $30,000 when all expenses are tallied up. Be sure to request an estimate for a renovation project before beginning one, and verify you have the budget for a remodel plus a few additional hundred dollars ($600-$800) as a safety net.
Remodeling Magazine’s “Cost vs. Value” estimates indicate that basement renovations could allow you to regain up to 70.4% of your costs once you put your home up for sale. This return on investment (ROI) can sometimes exceed that for a bathroom or kitchen remodel.
Top 5 Things That Affect Cost in Remodeling a Basement
Whether you’re considering installing a home gym, a theater, or a game room in your basement — or simply hope to add an extra bedroom — here is what you should know about the average cost of remodeling a basement.
New Flooring and Paint for a Remodeled Basement
The price for flooring can vary significantly per basement. However, The Spruce recently estimated that flooring costs can span from $300 to $5,000. Total expenditures for vinyl floors will typically fall on the lower end of this spectrum, while carpeted floors are valued somewhere in the middle (around $1,500). Wooden floors and ceramic tile floors are generally the most expensive type, as the process for designing them is often more meticulous.
Designer Touches in Crown Molding and Baseboards
Crown molding — a lengthy process that is intended to give a more aesthetically pleasing look to a finished top edge where walls meet a ceiling — can be performed according to many different types of designs and with a variety of materials: polyurethane, polystyrene, PVC, medium-density fibreboard (MDF), wood, etc. (MDF is usually affordable and offers resistance against mildew and mold should water begin to seep through at any point.) Molding should also be as streamlined as possible in order to avoid excessive accumulation of dirt and dust.
Meanwhile, baseboards usually serve to prevent plaster walls from becoming damaged by footwear and vacuums, among other things. Ultimately, ensuring that texture and color are consistent and don’t blatantly clash is crucial regarding molding and baseboards.
Square Footage and Structure Frame
As with any home improvement project, it’s always important to know exactly how much space one can work with — regardless of the type of materials you are using (lumber, steel, fiberglass, etc.). You should also strive to ensure your home has solid foundations in order to avoid needing to deal with bug infestations, damage from excessive moisture, and other issues. This includes checking which of your basement’s walls are load-bearing and which ones aren’t. Also, work toward understanding how your floors and roof are framed and check to see if any windows need insulating for the winter months.
Additional Rooms or Plumbing
Having an additional room for house guests (or for storage) can also help significantly increase your home’s value. However, a basement area is usually only included in a home’s total square footage if it has an ingress and egress. The logic behind this stipulation has to do with the fact that homeowners can’t have “true” underground bedrooms without fire evacuation access that is separate from the remainder of the home. Don’t forget this key condition!
Consult With a Monumental Contractor Today For Your Basement Remodeling Needs
Monumental is based in Chantilly, Virginia, but is committed to assisting clients located throughout the Washington, D.C., metropolitan area. Our experts will guide you through every stage of the renovation process, from initial consultations and design agreements to final inspection walk-throughs and finishing touches. Speak to the experienced professionals at Monumental Contractors to learn more about how much you can expect to pay for a basement remodel.
Monumental’s business is derived nearly exclusively from client referrals, which says a lot about how much the company has grown since its inception. Call Monumental Contractors today at 703-552-9626 to schedule a free design appointment or to learn more about their high-quality services. You’ll hardly find a more reliable contracting company in your area.